FINWIRES · TerminalLIVE
FINWIRES

Nippon Hume to Scrap Anti-Takeover Measures

By

Nippon Hume (TYO:5262) is abolishing its anti-takeover measures and proposing governance changes including shorter director terms, according to a Friday filing on the Tokyo Stock Exchange.

The company will discontinue the policy at its June 26 shareholder meeting, removing related provisions from its articles after a review of investor views and market trends.

Nippon Hume will cut directors' terms to one year from two to strengthen accountability and enable faster responses to business changes, while adding provisions to allow the board to decide dividends.

The amendments, including deletion of takeover defense clauses and related technical changes, are scheduled to take effect on June 26 pending shareholder approval.

Related Articles

Asia

SPIC Industry-Finance's Q1 Profit Up 0.3%, Shares Down 4%

SPIC Industry-Finance (SHE:000958) posted first-quarter attributable net profit of 1.12 billion yuan, up 0.3% from 1.11 billion yuan the previous year.Earnings per share declined to 0.0643 yuan from 0.0859 yuan, according to a Friday filing with the Shanghai bourse.Operating revenue slid 17% year over year to 2.73 billion yuan from 3.30 billion yuan.Shares of the heat and electricity supply services provider were down 4% in recent trade.

SHE:000958
Asia

Uni-Bio Science Moves to Replace Expiring Share Option Scheme

Uni-Bio Science (HKG:0690) proposed to terminate its existing share option scheme and adopt a new one, according to a Thursday Hong Kong bourse filing.Shares of the firm were down nearly 1% in Friday late morning trade.The current scheme, adopted in September 2016, is set to expire in September and will no longer allow new grants.As of the announcement date, 420.6 million options remain outstanding under the scheme.The company said the new scheme aims to continue incentivising and rewarding eligible participants for their contributions.

HKG:0690
Asia

Pacific Lime and Cement Signs MOU With Papua New Guinea-Based Power Producer

Pacific Lime and Cement (ASX:PLA) signed a memorandum of understanding (MOU) with Papua New Guinea-based power operator Dirio Gas & Power to develop dedicated power infrastructure for the Central Lime and Cement project, according to a Friday filing with the Australian bourse.The MOU establishes a framework for the companies to work on delivering a private 66-kilovolt transmission line from the Central Province Power Station to Pacific Lime and Cement's project area, the filing said.Electricity supply may be extended to nearby communities along the transmission corridor, subject to capacity and approvals, per the filing.Pacific Lime and Cement shares fell nearly 2% in afternoon trade Friday.

ASX:PLA